The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #13-98
Resolution Appropriating funds necessary to meet the City’s Obligation to Robert “Bud” Johnson under the Development Agreement dated February 15, 2010.
WHEREAS, The Council approved a Development Agreement with Robert ‘Bud” Johnson that provided tax rebate incentives tied to his development of the Eastern Iowa Sports Facility, and
WHEREAS, Robert “Bud” Johnson has constructed the Eastern Iowa Sports Facility as contemplated, and, therefore, the Council finds it appropriate to follow through on the City’s obligation and or agreement set out therein to annually appropriate sums from the incremental taxation to be collected from new value created by the improvement to meet the tax rebate percentage set out therein, and
WHEREAS, The fourth tax rebate payments will be due under the agreement in December 2014 and June 2015, both falling in FY 2015, and it is appropriate at this time for the Council to formally appropriate funds necessary to meet the 80% rebate of the incremental property taxes that will be subject to rebate in FY ’15, estimated to be approximately $ 4,079.00, the exact amount of said rebate to be determined after consultation with the County Assessor and Auditor with regard to assessed valuation and tax rates, respectively.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Monticello does hereby formally appropriate funds collected from and related to the incremental value created by the developer’s property improvements to meet the City’s obligations to rebate 80% of that incremental tax, less protected levies during FY ‘15.
IN TESTIMONY WHEREOF, I have hereunto subscribed my name and caused the Great Seal of the City of Monticello, Iowa to be affixed hereto. Done this 4th day of November, 2013.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk